Now It Looks Like This Tax Bill is Actually Going to Pass!
With the news that Rubio and Corker have warmed up to a tax bill Congress is looking to vote on, it seems some version will pass next week. In our recent post outlining the proposed changes to federal taxes, we attempted to cover the key points that appeared to have emerged from the endless weeks of back-and-forth from our distinguished political class. So far that outline looks about right. Of course, no one has actually put forth the specifics yet. So don't be surprised if some last minute tweaking shows up.
I've heard that, overall, the bill will basically have something for everyone. Of course, the biggest bang remains the corporate tax cut, but you knew that. As for "something for everyone," don't expect too much. In looking over specifics of various individuals whom we advise, there's nothing so far to write home about: "a little here, a little there" about sums it up. An understandable reaction: After all that time, all that haggling, that's all there is? Yep, it sure looks that way. Then again, something's better than nothing.
In the end, though, we'll wind up with what amounts to a theatrical production that allowed both parties and their vocal proponents to grandstand and score points with voters. And it's not unlikely that such shenanigans will have their desired effect. As long as there's some net gain, voters will have nothing to complain about. In time, as the next election approaches, this will allow politicians of all stripes to take some sort of credit. If you voted for the bill, you take credit for that net benefit - albeit a small one - that your targeted voting block received. On the other hand, if you voted against the bill, you blame the piddling benefit on your opponent. Maybe you even crow about how much better things would be if only they had listened to you: So vote for me now and I'll do my darnedest to get what you really deserve.
Summing up: The people kind of win; but see how everyone in Washington wins even more?
As for the markets, today's results were pretty giddy. Thursday's mini-dropped into the trash-bin of history. The market reversed and, as perky as can be, chirped: "All is well, everyone wins, onward and upward!"
With that we go into the third to last weekend in this dwindling year of 2017 with plans to take a break from all this. While next week looks like a bit of a scramble, it is the week before Christmas. Folks are already starting to wind down and look forward to that even bigger break "from all this" that comes to most of at Christmas time. That's just the way it goes at this most wonderful time of the year, isn't it? Speaking of which, here's what's got to be the best version of that joyful, bouncy holiday ditty - the original by Andy Williams. Enjoy!
I've heard that, overall, the bill will basically have something for everyone. Of course, the biggest bang remains the corporate tax cut, but you knew that. As for "something for everyone," don't expect too much. In looking over specifics of various individuals whom we advise, there's nothing so far to write home about: "a little here, a little there" about sums it up. An understandable reaction: After all that time, all that haggling, that's all there is? Yep, it sure looks that way. Then again, something's better than nothing.
In the end, though, we'll wind up with what amounts to a theatrical production that allowed both parties and their vocal proponents to grandstand and score points with voters. And it's not unlikely that such shenanigans will have their desired effect. As long as there's some net gain, voters will have nothing to complain about. In time, as the next election approaches, this will allow politicians of all stripes to take some sort of credit. If you voted for the bill, you take credit for that net benefit - albeit a small one - that your targeted voting block received. On the other hand, if you voted against the bill, you blame the piddling benefit on your opponent. Maybe you even crow about how much better things would be if only they had listened to you: So vote for me now and I'll do my darnedest to get what you really deserve.
Summing up: The people kind of win; but see how everyone in Washington wins even more?
As for the markets, today's results were pretty giddy. Thursday's mini-dropped into the trash-bin of history. The market reversed and, as perky as can be, chirped: "All is well, everyone wins, onward and upward!"
With that we go into the third to last weekend in this dwindling year of 2017 with plans to take a break from all this. While next week looks like a bit of a scramble, it is the week before Christmas. Folks are already starting to wind down and look forward to that even bigger break "from all this" that comes to most of at Christmas time. That's just the way it goes at this most wonderful time of the year, isn't it? Speaking of which, here's what's got to be the best version of that joyful, bouncy holiday ditty - the original by Andy Williams. Enjoy!
Comments